With Bank Negara announcing a 0.25% increase in the Overnight Policy Rate (OPR) on 8 September, i.e. from 2.25% to 2.50%, Maybank and RHB are the first to announce an increase in lending rates, effective 1 and 2 September.
According to Maybank, the Standardised Base Rate (SBR), which was launched just last month, will be increased to 2.50% p.a., while the Benchmark Rate (BR) will be increased from 2.25% to 2.50% p.a. The Basic Lending Rate (BLR) is also being increased from 5.90% to 6.15% p.a. Effective from 2.
RHB has also announced an increase in the lending rate, the Standardised Base Rate (SBR) will be 2.50% p.a. and the Benchmark Rate will be increased from 3.00% to 3.25%. The Base Lending Rate (BLR) was raised from 5.95% to 6.20% p.a.
All borrowers are urged to check with their respective banks for the latest monthly loan repayments to avoid penalties for defaulting on their loans.
Not only will the BLR increase, but also the Fixed Deposit rate of Maybank and RHB Bank will be increased by 0.25% p.a.
Maybank
SBR: 2.50%p.a.
BR: 2.50%p.a.
BLR: 6.15%p.a.
Effective date: 12 September 2022
RHB
SBR: 2.50%p.a.
BR: 3.25%p.a.
BLR: 6.20%p.a.
Effective date: 12 September 2022
